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Are office leases getting shorter?

Article-Are office leases getting shorter?

Commercial Lease
The desire for flexible and agile working has increased more now than ever leading many occupiers to ask whether office leases are getting shorter?

The age of agile and flexible working has arrived. This has made it clear that the world truly can work from anywhere. With Covid-19 amplifying the demand for flexible space, what about office leases, are we likely to see shorter leases?

According to Ben Munn, Global Flex Space Lead at JLL, the trend toward shorter leases in office space is riding an accelerated trajectory during the Covid-19 pandemic.

“Corporations want the ability to react to a host of unknowns brought on by the coronavirus and economic pressures, so they’ll continue to pursue office space options that provide them with enhanced flexibility for the foreseeable future,” he adds. “Whittling down lease terms is certainly part of that effort,” he says in JLL’s recent article on The Investor.

“Given the level of uncertainty with respect to the economy and the pandemic, tenants are seeking more agile office solutions,” says Scott Homa, Director of U.S. Office Research, JLL.

For many experts, tenants are looking at avoiding long-term office lease commitments and instead may favour coworking memberships, outposts, or shifting some employees to permanent work-from-home arrangements. Agility and flexibility will be needed in order to face any challenges within the office market.

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